Societe Generale quartely net up 18%, lower provisions

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LONDON (MarketWatch) -- French bank Societe Generale SA
fr:013080
on Thursday said second-quarter net profit rose 18% to 957 million euros from the year-earlier quarter, helped by a dip in provisions. Net banking income for the period climbed 8.8% to 4.455 billion euros. Gross operating income increased 14.6% to 1.558 billion euros. According to AFX News, analysts' forecasts had ranged between 1.444 billion and 1.607 billion euros. The bank said the risk environment remained "very favorable" in the quarter, prompting a fall in provisions to 115 million euros from 126 million euros a year ago. Net income at the investment banking division fell 2% to 346 million euros. Societe Generale's French retail banking division also struggled with net income up only 0.4% to 226 million euros.

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